According to figures compiled by the Financial Times, a weighted average of six commodities - wheat, milk, coffee, orange juice, sugar and lean hogs - found them to be the at their cheapest levels since 2010.

The sharp price drops include a 28pc reduction in the cost of coffee due to plentiful supplies from Colombia, a 22pc fall in the cost of sugar and a 16pc contraction in the price of Chicago-traded lean hog.

The fall in prices contrasts with the first half of 2014, when demand and costs for commodities soared on the back of adverse weather which affected the production of goods such as coffee.